Telefonica dismisses claims that it is preparing joint bid for TIM Brasil

Spanish telecoms giant Telefonica has said that it is not part of an investment vehicle studying a potential joint offer for Brazilian wireless operator TIM Brasil, a unit of Telecom Italia, Reuters reports. Further, Telefonica has also confirmed that it has no details of any deal despite reports from an Italian newspaper last week which claimed that the Spanish company was considering joining up with rivals America Movil and Oi to take over TIM Brasil and break it up.